Economy facing post-transition challenges: MCCI report

The government should now take actions to stabilise foreign exchange reserves, manage inflation, enhance revenue earnings, ensure proper electricity and gas supply for economic activities, and protect small businesses, the Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) said today. 
Bangladesh’s gross domestic product (GDP) rose 1.66 percent year-on-year in dollar terms to $459.05 billion in FY24, the MCCI said in its latest publication titled “Bangladesh’s Economy During FY2023-24 (FY24)”.
Per capita GDP also rose 1.21 percent to $2,675, while per capita gross national income increased to $2,784, it said.
But this year the country has witnessed a massive mayhem in the backdrop of student protests against government job quotas, which dealt a blow to people’s normal life and business, the leading chamber said.
It would take some time for the interim government to normalise the business activities, it said.
However, issues related to smooth logistics, banking services and security in industries needed to be addressed to ensure revival of economic activities, it said.
Also, it is needed to overcome the rise in inflation, slowdown in external demand, weak remittance inflow, shortfall in revenue collection and slow public expenditure, depreciation of the taka and a decline in foreign exchange reserves, it said. 
Unemployment situation and low investment are other challenges, the chamber said.